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Korea’s Strategy and Finance Minister, Bahk Jaewan and Brazil’s Development, Industry and Foreign Trade Minister, Fernando Damata Pimentel signed an MOU on June 1 to step up bilateral cooperation through Korea’s Knowledge Sharing Program* (KSP).The bilateral cooperation through KSP began in 2011 but the Brazilian minister requested the MOU to expand and accelerate cooperation.

*The program is designed to share Korea’s economic development experience with countries which need it.From 2004 to the end of 2011, policy consultation on more than 300 projects was provided to 34 countries.

The two countries have worked on designing Exportation Processing Zone in Brazil since 2011 through the KSP, and with today’s MOU Korea will provide expanded policy consultation on all free trade zones in Brazil.

At the meeting with his Brazilian counterpart, Minister Bahk said Korea’s KSP provides consultation most appropriate to recipient countries as it seriously considers their environmental and cultural aspects.The KSP with Brazil this year will use Korea’s successful policies on free trade zones implemented during the 1970’s, which contributed to developing industries, spurring trade and revitalizing regional economies by combining labor force at home with foreign finance.

Minister Pimentel said Brazil will make the most of Korea’s economic development experience, and called for close cooperation between the two countries.

The two ministers agreed that today’s MOU will not only demonstrate a strong bilateral will for cooperation through knowledge sharing, but also contribute to the further spread of knowledge sharing in international development cooperation.

The Korean government will continue to provide high-level support to Brazil.